New Jersey Heritage Development Coalition
Supporting New Jersey's Historic Rehabilitation Ecconmic Stimulus
The Proposed Incentive
The tax credit will provide homeowners and corporations with an economic incentive to help revitalize older neighborhoods and reuse historic structures by providing a State tax credit for their rehabilitation.
The historic rehab tax credit is an especially effective Smart Growth economic development tool and will help restart investment in the housing market!
In order to make communities in New Jersey sustainable, development and re-development must happen around designated centers (existing communities), where the vast majority of our historic structures are found. Taking advantage of existing building stock reduces urban sprawl, preserves green space and reduces landfill waste.
The program will be administered by the New Jersey State Historic Preservation Office (HPO) , which already certifies projects for a similar federal historic tax credit for income-producing properties.